Europe
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Pan-European securities watchdog ESMA on Friday announced that it would renew its restrictive measures for contracts for difference (CFD) products for another three months. -
Société Générale and Abanca both offered investors additional tier one notes this week. For the French bank, it was the second deal of the week.
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The appeal of populist, often nativist, agenda to electorates disgruntled with economic stagnation and rapid demographic change has been underestimated in recent years — not least by bond markets.
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Negotiations over Italy’s 2019 budget deficit looked set to go down to the wire as GlobalCapital went to press on Thursday night, with the outcome likely to have a large bearing on the sovereign’s future issuance costs.
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DZ Bank has sold its first green bond, getting tight pricing for a preferred senior security that will back the production of energy from onshore wind farms in Germany.
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Unédic has decided against a further benchmark bond this year, in a further sign of the slowly diminishing funding programme of the French state employment agency.
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Public sector borrowers snapped up cut price deals in the private markets this week, helping to quell trades in the benchmark sector.
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Banca Carige has shaken up its management team and is preparing to return to the European Central Bank with a new plan for keeping its capital ratios in check. But the troubled Italian lender is going to have its work cut out in accessing the debt or equity markets before the end of the year, with a whole host of its peers waiting to do the same, write Tyler Davies and Sam Kerr.
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A shift in the euro/dollar basis swap means more euro funders could look at dollars, according to SSA bankers. Upcoming Asian holidays are likely to jumbo deals, but there could be room for smaller, cheaper names — with one of those issuers getting a rampant reception this week.
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Issuer rating: Baa1/BBB+/BBB+
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Eutelsat, the French satellite operator, overcame some strong negative sentiment around its sector to increase its latest corporate bond issue. This was not the first time the company had overcome a difficult environment to get a deal done.
